Tax Reform Act of 1986

Tax Reform Act of 1986

Federal legislation that modified many significant aspects of the U.S. tax system.

Notes:

The tax system in the United States is continuously being modified to address the concerns of Congress and the citizens of the United States.

See also: Accelerated Cost Recovery System - ACRS, Modified Accelerated Cost Recovery System - MACRS

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Tax Reform Act of 1986

A 1986 law involving a major overhaul of the US tax code.

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Tax Reform Act of 1986

Tax legislation that significantly reduced marginal income tax rates for individuals and corporations as well as curtailed many deductions and eliminated numerous preference items. The Act was designed to be revenue-neutral and, in general, it benefited high-income and low-income individuals and corporations that do not spend large amounts of money on long-lived equipment. Although an original goal had been to simplify the tax system, no simplification was evident in the final legislation.